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Premium Cosmetics Market Worth $199.2 Billion By 2025 Owing To Growing Awareness Regarding Ingredients In Beauty Products And Their Effects | Grand View Research, Inc.

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Premium Cosmetics Market Worth $199.2 Billion By 2025 Owing To Growing Awareness Regarding Ingredients In Beauty Products And Their Effects | Grand View Research, Inc.

May 10
09:50 2021
Premium Cosmetics Market Worth $199.2 Billion By 2025 Owing To Growing Awareness Regarding Ingredients In Beauty Products And Their Effects | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
Key factors that are driving the premium cosmetics market growth include increasing the women workforce, rising disposable income of the middle-class population, and increasing demand for premium and natural cosmetics to avoid skin infection and irritation globally.

The global premium cosmetics market size is expected to reach USD 199.2 billion by 2025, exhibiting a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, IncRising consumer preference for premium cosmetics, owing to a willingness to spend more on beauty products, especially across emerging countries, is expected to drive the market growth. The consumer preference for imported and branded cosmetics is majorly driven by brand name, product safety, and price. A rise in women’s workforce and financial independence is expected to positively influence the market growth in the forthcoming years.

The trend of personalization is also supporting the demand for premium cosmetics among consumers. For instance, Face Gym, a European company, in 2017 launched the Make it Bar, where consumers can visit the studio and create their own face serums, suitable for their individual needs and lifestyle, with help from professionals.

The makeup segment of the premium cosmetics market is estimated to witness the fastest growth over the forecast period. The availability of waterproof and sweat-proof products manufactured especially for hot and humid climatic conditions is also boosting the demand. Skincare is estimated to be the largest segment over the forecast period, owing to the wide application for skincare. Consumers prefer facial creams, sunscreens, and body lotions to reduce acne scars, freckles, age spots, and discoloration, among other skin issues.

To boost the shopping experience and consumer interaction, premium cosmetic companies are upgrading their stores with advanced technologies. Along with on-hand assistance from beauty advisers, the companies are using Virtual Reality (VR) and Augmented Reality (AR) for better customer service. For instance, L’Oréal installed interactive displays in its Shanghai, Wuhan, and Changsha boutiques called as Magic Mirrors. The adoption of such technology also reduces the usage of sample products.

The market is oligopolistic in nature with the companies implementing various business strategies such as mergers and acquisitions to diversify the product portfolio and to expand their geographical presence. For instance, in 2018, L’Oréal acquired Stylenanda, a makeup and fashion brand focused on millennials in South Korea and China, to extend its business in Hong Kong, Singapore, Malaysia, and Thailand. L’Oréal also acquired Pulp Riot, an American brand operating in the professional hair color segment with a strong influence on social media. 

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/premium-cosmetics-market

Premium Cosmetics Market Report Highlights

 Asia Pacific is estimated to be the largest and fastest-growing market for premium cosmetics, majorly driven by high demand from China and Japan

 Offline is estimated to be the largest distribution channel in the forthcoming years, owing to technological advancements such as VR interaction and AR makeup trials in stores

 The online segment is projected to register the fastest CAGR of 9.4% over the forecast period, owing to the presence of multi-brand e-retailers and companies’ direct-to-consumer strategy

 Some of the key players operating in the premium cosmetics market include Coty; Estée Lauder; L’Oréal; LVMH; Shiseido; Chanel; Dior beauty; Elizabeth Arden Inc.; KAO Corporation; and The Procter & Gamble Company (P&G).

Get Sample Copy Of This Report @ https://www.grandviewresearch.com/industry-analysis/premium-cosmetics-market/request/rs1

Premium Cosmetics Market Segmentation

Grand View Research has segmented the global premium cosmetics market on the basis of products, distribution channel, and region:

Premium Cosmetics Product Outlook (Revenue, USD Billion, 2015 – 2025)

     Skincare
     Haircare
     Makeup
     Fragrance
     Others

Premium Cosmetics Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)

     Online
     Offline

Premium Cosmetics Regional Outlook (Revenue, USD Billion, 2015 – 2025)

     North America
        • The U.S.
     Europe
        • Germany
        • Italy
        • The U.K.
     Asia Pacific
        • China
        • Japan
     Central & South America
        • Brazil
     Middle East & Africa

Speak to Analyst @ https://www.grandviewresearch.com/inquiry/7061/ibb

About Grand View Research

Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across a number of industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.

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Company Name: Grand View Research, Inc.
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Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/premium-cosmetics-market

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